SWIFT Standards Release 2018 Summary of Changes

Transcription

1 SWIFT Standards Release 2018 Summary of Changes July 9, 2018

2 Dear Infomediary Client: SWIFT has designated November 18, 2018 as the implementation date for the 2018 SWIFT Standards Release (SR2018). As your SWIFT service provider, BBH Infomediary invests heavily to prepare for this annual, industry-wide initiative to ensure a successful transition for all of our clients to SWIFT s newest standards. Each year our team of SWIFT experts coordinates hundreds of BBH Infomediary mapping updates in response to these messaging and market practice changes. In addition to the updates we maintain for our client specific SWIFT maps, BBH Infomediary also applies the required changes within the following on-line tool(s): InfoAction, Message Entry, and Message View and Repair. In general, the updates that BBH Infomediary manages relate to those standards changes that have been deemed mandatory by SWIFT. However, there are also optional changes that clients may consider in order to comply with certain market practice guidelines or a SWIFT counterpart's request. We recommend that every client reference the following SR2018 change summary books by following the attached link in order to assess any potential impacts to your organization. If you require further information, BBH Infomediary will be happy to provide a more detailed list of the standards updates as well as a copy of the SWIFT Standards Release Guide Please do not hesitate to contact your Relationship Manager if you have any questions or would like to discuss Infomediary SR2018 plans in greater detail. Best regards, BBH Infomediary Infomediary Client Service Infomediary.Support@BBH.com US Phone#: Option #2 UK Phone#: Option #2 Int'l Phone#: Option #2 US Relationship Management John Hartnett John.Hartnett@bbh.com Europe Relationship Management Keeva Doran Keeva.Doran@bbh.com Asia Relationship Management Lisa Wong Lisa.Wong@bbh.com

3 Table of Contents 1. BBH Infomediary Approach 2. SWIFT Standards Release (MT) Highlights 3. SWIFT Standards Release (MT) Details 4. Category 7 Changes: s and Guarantees

4 1. BBH Infomediary Approach In preparation for the SWIFT Standards Release each year, BBH Infomediary creates a project team to focus on the changes that impact all of our client work flows. This section provides an overview of the analysis approach and focus areas for our clients in implementing the Standards Release. BBH Infomediary has divided this into two categories for your convenience in identifying the impacts to your organization and follow-up with your providers. 1. Infomediary Product Modules and Tools The SR2018 updates will be made to ensure messaging compliance with all of BBH Infomediary's product modules and on-line tools. The BBH Infomediary products modules include InfoFX, InfoUploader SM, InfoRecon SM, Connect-to-Connect SM, InfoAction TM and InfoSettle. The Infomediary on-line tools include InfoMonitor, Message Entry, Message View and Repair, Data Manager, InfoFX Report Card, InfoFX Live, InfoSelf Service, and InfoReports. BBH Infomediary will be applying the required changes within the following on-line tool(s): Message Entry and Message View and Repair, as these are the only on-line tools requiring development changes to meet the new messaging guidelines. The changes are related to qualifiers and codes available within these BBH Infomediary applications. 2. File and Data Mapping Infomediary File Format (IFF) or Proprietary Format to SWIFT Format Mapping: BBH Infomediary clients utilizing a proprietary file format or one of many of the IFFs may be required to add or modify specific data fields in their files in order to prepare for some or all of the new requirements that result from this Standards Release. The changes to these files may be dependent on codes and qualifiers that will no longer be supported as of November 18, As a result, it is possible that SR2018 will require a development change by both Infomediary and its clients to ensure continued SWIFT compliance. These workflows may include files that contain SWIFT-formatted messages sent by clients to Infomediary via FTP/MQ/leased line that are enriched or transformed by Infomediary. Likewise, BBH Infomediary also suggests that clients that utilize Infomediary for inbound data routing from service providers review all related SR2018 changes. SWIFT Format to IFF or Proprietary Format Mapping: BBH Infomediary clients that have SWIFT flows translated into a proprietary file format may be notified of required changes as this may impact the file format, data in the file, or structure of the file that Infomediary creates. Infomediary will be assessing each message type to determine the impact to each client s specific file, denoting required mapping and development to support new field formats, qualifiers, and codes. As requirements are completed, Infomediary will schedule meetings with each client to discuss the recommended changes. SWIFT Format to SWIFT Format: BBH Infomediary understands that clients who send messages to Infomediary in a pass-through capacity are responsible for updating all applicable data formats in order to accommodate the SR2018. However, the Infomediary project team is available for guidance and messaging expertise as needed to support any questions as they arise. *Note: Any of the above mentioned file and data mapping changes may also include maps that support client workflows related to Infomediary product modules i.e. InfoFX and Connect-to-Connect

5 2. SWIFT Standards Release (MT) 2018 Highlights This section is intended to provide a high level overview of the changes for the SR2018. Please be advised that this section does not represent all changes related to the release; the subsequent sections of this document provide detailed field changes from a formatting perspective. BBH Infomediary plans to move all message changes into production on Saturday, November 17, Messages sent and received by BBH Infomediary from November 18, 2018 (08:00 EST / 14:00 CET) onward must comply with the SR2018 Standards. The main highlights of the SR2018 include the following changes: Category 7: The MT 707 message has been redesigned to be a mirror image of the MT700, Issue of a. This allows any field present in the MT 700 to be amended using the MT 707. Codes have been added to specify which changes are being made in free format fields. Three new optional fields have been added to the MT 707 message; 45B (Description of Goods and/or Services), 46B (Documents Required), and 47B (Additional Conditions). Three new message types have been created; > The redesign of the MT 707 calls for a new extension message, which is MT 708. > New message, MT 759 (Ancillary Trade Structured Message) is sent to request or to provide information, such as a fraud alert or a financing request, concerning an existing trade transaction such as a documentary credit, demand guarantee, standby letter of credit, or an undertaking (for example, a guarantee, surety, etc.). >New message, MT 744 (Notice of Non-Conforming Reimbursement Claim) is sent by the reimbursing bank to the bank claiming reimbursement. It is used to notify the Receiver that the Sender considers the claim, on the face of it, as not to be in accordance with the instruction in the reimbursement authorization for the reason(s) as stated in this message. The Sender also provides the Receiver with details regarding the disposal of the claim.

6 3. SWIFT Standards Release (MT) 2018 Details This section is intended to provide the detailed changes for the SR2018. Please be advised that this does not represent all changes related to the release across every message type. This represents the critical changes and message types commonly utilized. Please note the following: This table has been sorted by message type then change type Text in blue indicates new SWIFT qualifiers, codes or fields Text in red indicates removed SWIFT qualifiers, codes or fields Sequence refers to the SWIFT message sequence O/M/C refers to Optional, Mandatory and Conditional

7 4. Category 7 Changes: s and Guarantees Messag e Type MT Name Sequence MT 707 Amendment to a Sequenc e Of Total O/M/ C Qualifie r Generic Field Name Detailed Field Name Changes Tag O 45B N/A Description of Goods and/or Services Description of Goods and/or Services 34. Field 45B: Description of Goods and/or Services FORMAT Option B 100*65z (Narrative Structured Text) The following line formats must be used: Line 1 /6c/[additional information] (Code)(Narrative) Lines [continuation of additional information] or [/6c/[additional information]] (Narrative) or (Code)(Narrative) PRESENCE Conditional (see rule C1) DEFINITION This field contains a description of the goods and/or services, if changed. CODES One or more of the following codes must be used in Code (Error code(s): T67): ADD Add Must be followed by the text to be added (a sentence, paragraph or line item) DELETE Delete Must be followed by the text to be deleted (a sentence, paragraph or line item) REPALL Replace all Must be followed by the text that replaces all text in same field. No other code may be used. USAGE RULES The presence of this field implies that description of goods and/or services is amended.

8 MT 707 Amendment to a Sequenc e Of Total O 46B N/A Documents Required Documents Required 35. Field 46B: Documents RequiredFORMATOption B 100*65z (Narrative Structured Text)The following line formats must be used:line 1 /6c/[additional information] (Code)(Narrative)Lines [continuation of additional information]or[/6c/[additional information]] (Narrative)or(Code)(Narrative)PRESENCEConditional (see rule C1)DEFINITIONThis field contains a description of any documents required, if changed.codesone or more of the following codes must be used in Code (Error code(s): T93):ADD Add Must be followed by the text to be added (a sentence, paragraph or line item)delete Delete Must be followed by the text to be deleted (a sentence, paragraph or line item)repall Replace all Must be followed by the text that replaces all text in same field. No other code may be used.usage RULESThe presence of this field implies that description of documents required is amended.

9 MT 707 Amendment to a Sequenc e Of Total O 47B N/A Additional Conditions Additional Conditions 36. Field 47B: Additional ConditionsFORMATOption B 100*65z (Narrative Structured Text)The following line formats must be used:line 1 /6c/[additional information] (Code)(Narrative)Lines [continuation of additional information]or[/6c/[additional information]] (Narrative)or(Code)(Narrative)PRESENCEConditional (see rule C1)DEFINITIONThis field contains a description of further conditions of the documentary credit, if changed.codesone or more of the following codes must be used in Code (Error code(s): T67):ADD Add Must be followed by the text to be added (a sentence, paragraph or line item)delete Delete Must be followed by the text to be deleted (a sentence, paragraph or line item)repall Replace all Must be followed by the text that replaces all text in same field. No other code may be used.usage RULESThe presence of this field implies that description of additional conditions is amended.

10 MT 700 Amendment to a O 45A N/A Description of Goods and/or Services Description of Goods and/or Services USAGE RULESTerms such as FOB, CIF, etc. should be specified in this field.to cater for lengthy documentary credits, up to three MT 701s may be sent in addition to an MT 700. However, field 45a may appear in only one message, that is, either in the MT 700 or in one MT 701.This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the description of goods and/or services.some examples of valid combinations: MT 700 contains field 45A, 46A, and 47A. MT 700 contains field 45A; the subsequent MT 701 contains fields 46B and 47B. MT 700 contains field 46A; the subsequent MT 701 contains fields 45B and 47B. MT 700 contains field 46A; the first MT 701 contains field 45B; the second MT 701 contains field 47B. MT 700 does not contain fields 45A, 46A or 47A; the first MT 701 contains field 45B; the second MT 701 contains field 46B; the third MT 701 contains field 47B.Some examples of invalid combinations: MT 700 contains field 45A; the first MT 701 contains fields 45B and 46B; the second MT 701 contains field 47B (INVALID because there are two fields 45a). MT 700 contains field 45A; the first MT 701 contains field 45B; the second MT 701 contains fields 45B, 46B and 47B (INVALID because there are three fields 45a).The specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

11 MT 700 Amendment to a O 46A N/A Documents Required Documents Required USAGE RULESWhen the ultimate date of issue of a transport document is specified, it is to be specified with the relative document in this field.for credits subject to eucp, the format in which electronic records are to be presented must be specified in this field.to cater for lengthy documentary credits, up to three MT 701s may be sent in addition to an MT 700. However, field 46a may appear in only one message, that is, either in the MT 700 or in one MT 701.This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the documents required.some examples of valid combinations: MT 700 contains field 45A, 46A, and 47A. MT 700 contains field 45A; the subsequent MT 701 contains fields 46B and 47B. MT 700 contains field 46A; the subsequent MT 701 contains fields 45B and 47B. MT 700 contains field 46A; the first MT 701 contains field 45B; the second MT 701 contains field 47B. MT 700 does not contain fields 45A, 46A or 47A; the first MT 701 contains field 45B; the second MT 701 contains field 46B; the third MT 701 contains field 47B.Some examples of invalid combinations: MT 700 contains field 46A; the first MT 701 contains fields 45B and 46B; the second MT 701 contains field 47B (INVALID because there are two fields 46a). MT 700 contains field 46A; the first MT 701 contains field 46B; the second MT 701 contains fields 45B, 46B and 47B (INVALID because there are three fields 46a).The specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

12 MT 700 Amendment to a O 47A N/A Additional Conditions Additional Conditions USAGE RULESWhere applicable, for credits subject to eucp:in case the documentary credit is subject to any rules for which no code words are provided in field 40E, further details should be specified in this field.to cater for lengthy documentary credits, up to three MT 701s may be sent in addition to an MT 700. However, field 47a may appear in only one message, that is, either in the MT 700 or in one MT 701. This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the additional conditions.some examples of valid combinations: MT 700 contains field 45A, 46A, and 47A. MT 700 contains field 47A; the subsequent MT 701 contains fields 45B and 46B. MT 700 contains field 46A; the subsequent MT 701 contains fields 45B and 47B. MT 700 contains field 46A; the first MT 701 contains field 45B; the second MT 701 contains field 47B. MT 700 does not contain fields 45A, 46A or 47A; the first MT 701 contains field 45B; the second MT 701 contains field 46B; the third MT 701 contains field 47B.Some examples of invalid combinations: MT 700 contains field 47A; the first MT 701 contains fields 45B and 46B; the second MT 701 contains field 47B (INVALID because there are two fields 47a). MT 700 contains field 47A; the first MT 701 contains field 47B; the second MT 701 contains fields 45B, 46B and 47B (INVALID because there are three fields 47a).Where applicable, for credits subject to eucp: If presentation of both electronic records and paper documents is allowed, the place for presentation of the electronic records (that is, the electronic address to which presentation must be made) as well as the place for presentation of the paper documents must be specified in this field. If presentation of only electronic records is allowed, the place for presentation of the electronic records (that is, the electronic address to which presentation must be made) must be specified in this field. If not already part of the original documentary credit, the advising bank, that is, the receiver of the message, must provide the beneficiary or another advising bank with the electronic address of the issuing bank. Furthermore, the advising bank must provide the beneficiary or another advising bank with the electronic address where they wish the electronic records to be presented. In case the electronic address contains the "@" sign, the latter should be replaced by "(AT)". In case the

13 electronic address contains the "_", the latter should be replaced by "(UNDERSCORE)". Examples: BANK.COM should be shown as EUCP(AT)DRESDNER- BANK.COM should be shown as EUCP(UNDERSCORE)RECS(AT)DRESDNER- BANK.COMThe specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

14 MT 701 Amendment to a O 45A 45B N/A Description of Goods and/or Services Description of Goods and/or Services USAGE RULESTerms such as FOB, CIF, etc. should be specified in this field.to cater for lengthy documentary credits, up to three MT 701s may be sent in addition to an MT 700. However, field 45a may appear in only one message, that is, either in the MT 700 or in one MT 701.This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the description of goods and/or services.some examples of valid combinations: MT 700 contains field 45A; the subsequent MT 701 contains fields 46B and 47B. MT 700 contains field 46A; the subsequent MT 701 contains fields 45B and 47B. MT 700 contains field 46A; the first MT 701 contains field 45B; the second MT 701 contains field 47B. MT 700 does not contain fields 45A, 46A or 47A; the first MT 701 contains field 45B; the second MT 701 contains field 46B; the third MT 701 contains field 47B.Some examples of invalid combinations: MT 700 contains field 45A; the first MT 701 contains fields 45B and 46B; the second MT 701 contains field 47B (INVALID because there are two fields 45a). MT 700 contains field 45A; the first MT 701 contains field 45B; the second MT 701 contains fields 45B, 46B and 47B (INVALID because there are three fields 45a).The specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

15 MT 701 Amendment to a O 46A 46B N/A Documents Required Documents Required USAGE RULESWhen the ultimate date of issue of a transport document is specified, it is to be specified with the relative document in this field.for credits subject to eucp, the format in which electronic records are to be presented must be specified in this field.to cater for lengthy documentary credits, up to three MT 701s may be sent in addition to an MT 700. However, field 46a may appear in only one message, that is, either in the MT 700 or in one MT 701.This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the documents required.some examples of valid combinations: MT 700 contains field 45A; the subsequent MT 701 contains fields 46B and 47B. MT 700 contains field 46A; the subsequent MT 701 contains fields 45B and 47B. MT 700 contains field 46A; the first MT 701 contains field 45B; the second MT 701 contains field 47B. MT 700 does not contain fields 45A, 46A or 47A; the first MT 701 contains field 45B; the second MT 701 contains field 46B; the third MT 701 contains field 47B.Some examples of invalid combinations: MT 700 contains field 46A; the first MT 701 contains fields 45B and 46B; the second MT 701 contains field 47B (INVALID because there are two fields 46a). MT 700 contains field 46A; the first MT 701 contains field 46B; the second MT 701 contains fields 45B, 46B and 47B (INVALID because there are three fields 46a).The specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

16 MT 701 Issue of a O 47A 47B N/A Additional Conditions Additional Conditions Where applicable, for credits subject to eucp:in case the documentary credit is subject to any rules for which no code words are provided in field 40E of the related MT 700, further details should be specified in this field.to cater for lengthy documentary credits, up to three MT 701s may be sent in addition to an MT 700. However, field 47a may appear in only one message, that is, either in the MT 700 or in one MT 701. This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the additional conditions.some examples of valid combinations: MT 700 contains field 47A; the subsequent MT 701 contains fields 45B and 46B. MT 700 contains field 46A; the subsequent MT 701 contains fields 45B and 47B. MT 700 contains field 46A; the first MT 701 contains field 45B; the second MT 701 contains field 47B. MT 700 does not contain fields 45A, 46A or 47A; the first MT 701 contains field 45B; the second MT 701 contains field 46B; the third MT 701 contains field 47B.Some examples of invalid combinations: MT 700 contains field 47A; the first MT 701 contains fields 45B and 46B; the second MT 701 contains field 47B (INVALID because there are two fields 47a). MT 700 contains field 47A; the first MT 701 contains field 47B; the second MT 701 contains fields 45B, 46B and 47B (INVALID because there are three fields 47a).Where applicable, for credits subject to eucp: If presentation of both electronic records and paper documents is allowed, the place for presentation of the electronic records (that is, the electronic address to which presentation must be made) as well as the place for presentation of the paper documents must be specified in this field. If presentation of only electronic records is allowed, the place for presentation of the electronic records (that is, the electronic address to which presentation must be made) must be specified in this field. If not already part of the original documentary credit, the advising bank, that is, the receiver of the message, must provide the beneficiary or another advising bank with the electronic address of the issuing bank. Furthermore, the advising bank must provide the beneficiary or another advising bank with the electronic address where they wish the electronic records to be presented. In case the electronic address contains the "@" sign, the latter should be replaced by "(AT)". In case the electronic address

17 contains the "_", the latter should be replaced by "(UNDERSCORE)". Examples: should be shown as EUCP(AT)DRESDNER-BANK.COM should be shown as EUCP(UNDERSCORE)RECS(AT)DRESDNER-BANK.COMThe specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

18 MT 705 Pre-Advice of a Documentary Credit O 45A N/A Description of Goods and/or Services Description of Goods and/or Services N/A

19 MT 710 Advice of a Third Bank's O 45A N/A Description of Goods and/or Services Description of Goods and/or Services USAGE RULESTerms such as FOB, CIF, etc. should be specified in this field.to cater for lengthy documentary credits, up to three MT 711s may be sent in addition to an MT 710. However, field 45a may appear in only one message, that is, either in the MT 710 or in one MT 711.This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the description of goods and/or services.some examples of valid combinations: MT 710 contains field 45A, 46A, and 47A. MT 710 contains field 45A; the subsequent MT 711 contains fields 46B and 47B. MT 710 contains field 46A; the subsequent MT 711 contains fields 45B and 47B. MT 710 contains field 46A; the first MT 711 contains field 45B; the second MT 711 contains field 47B. MT 710 does not contain fields 45A, 46A or 47A; the first MT 711 contains field 45B; the second MT 711 contains field 46B; the third MT 711 contains field 47B.Some examples of invalid combinations: MT 710 contains field 45A; the first MT 711 contains fields 45B and 46B; the second MT 711 contains field 47B (INVALID because there are two fields 45a). MT 710 contains field 45A; the first MT 711 contains field 45B; the second MT 711 contains fields 45B, 46B and 47B (INVALID because there are three fields 45a).The specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

20 MT 710 Advice of a Third Bank's O 46A N/A Documents Required Documents Required USAGE RULESWhen the ultimate date of issue of a transport document is specified, it is to be specified with the relative document in this field.for credits subject to eucp, the format in which electronic records are to be presented must be specified in this field.to cater for lengthy documentary credits, up to three MT 711s may be sent in addition to an MT 710. However, field 46a may appear in only one message, that is, either in the MT 710 or in one MT 711.This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the documents required.some examples of valid combinations: MT 710 contains field 45A, 46A, and 47A. MT 710 contains field 45A; the subsequent MT 711 contains fields 46B and 47B. MT 710 contains field 46A; the subsequent MT 711 contains fields 45B and 47B. MT 710 contains field 46A; the first MT 711 contains field 45B; the second MT 711 contains field 47B. MT 710 does not contain fields 45A, 46A or 47A; the first MT 711 contains field 45B; the second MT 711 contains field 46B; the third MT 711 contains field 47B.Some examples of invalid combinations: MT 710 contains field 46A; the first MT 711 contains fields 45B and 46B; the second MT 711 contains field 47B (INVALID because there are two fields 46a). MT 710 contains field 46A; the first MT 711 contains field 46B; the second MT 711 contains fields 45B, 46B and 47B (INVALID because there are three fields 46a).The specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

21 MT 710 Advice of a Third Bank's O 47A N/A Additional Conditions Additional Conditions USAGE RULESWhere applicable, for credits subject to eucp:in case the documentary credit is subject to any rules for which no code words are provided in field 40E, further details should be specified in this field.to cater for lengthy documentary credits, up to three MT 711s may be sent in addition to an MT 710. However, field 47a may appear in only one message, that is, either in the MT 710 or in one MT 711. This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the additional conditions.some examples of valid combinations: MT 710 contains field 45A, 46A, and 47A. MT 710 contains field 47A; the subsequent MT 711 contains fields 45B and 46B. MT 710 contains field 46A; the subsequent MT 711 contains fields 45B and 47B. MT 710 contains field 46A; the first MT 711 contains field 45B; the second MT 711 contains field 47B. MT 710 does not contain fields 45A, 46A or 47A; the first MT 711 contains field 45B; the second MT 711 contains field 46B; the third MT 711 contains field 47B.Some examples of invalid combinations: MT 710 contains field 47A; the first MT 711 contains fields 45B and 46B; the second MT 711 contains field 47B (INVALID because there are two fields 47a). MT 710 contains field 47A; the first MT 711 contains field 47B; the second MT 711 contains fields 45B, 46B and 47B (INVALID because there are three fields 47a).Where applicable, for credits subject to eucp: If presentation of both electronic records and paper documents is allowed, the place for presentation of the electronic records (that is, the electronic address to which presentation must be made) as well as the place for presentation of the paper documents must be specified in this field. If presentation of only electronic records is allowed, the place for presentation of the electronic records (that is, the electronic address to which presentation must be made) must be specified in this field. If not already part of the original documentary credit, the advising bank, that is, the receiver of the message, must provide the beneficiary or another advising bank with the electronic address of the issuing bank. Furthermore, the advising bank must provide the beneficiary or another advising bank with the electronic address where they wish the electronic records to be presented. In case the electronic address contains the "@" sign, the latter should be replaced by "(AT)". In case the

22 electronic address contains the "_", the latter should be replaced by "(UNDERSCORE)". Examples: BANK.COM should be shown as EUCP(AT)DRESDNER- BANK.COM should be shown as EUCP(UNDERSCORE)RECS(AT)DRESDNER- BANK.COMThe specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

23 MT 711 Advice of a Third Bank's O 45A 45B N/A Description of Goods and/or Services Description of Goods and/or Services USAGE RULESTerms such as FOB, CIF, etc. should be specified in this field.to cater for lengthy documentary credits, up to three MT 701s may be sent in addition to an MT 700. However, field 45a may appear in only one message, that is, either in the MT 700 or in one MT 701.This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the description of goods and/or services.some examples of valid combinations: MT 700 contains field 45A; the subsequent MT 701 contains fields 46B and 47B. MT 700 contains field 46A; the subsequent MT 701 contains fields 45B and 47B. MT 700 contains field 46A; the first MT 701 contains field 45B; the second MT 701 contains field 47B. MT 700 does not contain fields 45A, 46A or 47A; the first MT 701 contains field 45B; the second MT 701 contains field 46B; the third MT 701 contains field 47B.Some examples of invalid combinations: MT 700 contains field 45A; the first MT 701 contains fields 45B and 46B; the second MT 701 contains field 47B (INVALID because there are two fields 45a). MT 700 contains field 45A; the first MT 701 contains field 45B; the second MT 701 contains fields 45B, 46B and 47B (INVALID because there are three fields 45a).The specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

24 MT 711 Advice of a Third Bank's O 46A 46B N/A Documents Required Documents Required USAGE RULESWhen the ultimate date of issue of a transport document is specified, it is to be specified with the relative document in this field.for credits subject to eucp, the format in which electronic records are to be presented must be specified in this field.to cater for lengthy documentary credits, up to three MT 701s may be sent in addition to an MT 700. However, field 46a may appear in only one message, that is, either in the MT 700 or in one MT 701.This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the documents required.some examples of valid combinations: MT 700 contains field 45A; the subsequent MT 701 contains fields 46B and 47B. MT 700 contains field 46A; the subsequent MT 701 contains fields 45B and 47B. MT 700 contains field 46A; the first MT 701 contains field 45B; the second MT 701 contains field 47B. MT 700 does not contain fields 45A, 46A or 47A; the first MT 701 contains field 45B; the second MT 701 contains field 46B; the third MT 701 contains field 47B.Some examples of invalid combinations: MT 700 contains field 46A; the first MT 701 contains fields 45B and 46B; the second MT 701 contains field 47B (INVALID because there are two fields 46a). MT 700 contains field 46A; the first MT 701 contains field 46B; the second MT 701 contains fields 45B, 46B and 47B (INVALID because there are three fields 46a).The specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

25 MT 711 Advice of a Third Bank's O 47A 47B N/A Additional Conditions Additional Conditions Where applicable, for credits subject to eucp:in case the documentary credit is subject to any rules for which no code words are provided in field 40E of the related MT 700, further details should be specified in this field.to cater for lengthy documentary credits, up to three MT 701s may be sent in addition to an MT 700. However, field 47a may appear in only one message, that is, either in the MT 700 or in one MT 701. This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the additional conditions.some examples of valid combinations: MT 700 contains field 47A; the subsequent MT 711 contains fields 45B and 46B. MT 700 contains field 46A; the subsequent MT 711 contains fields 45B and 47B. MT 700 contains field 46A; the first MT 701 contains field 45B; the second MT 701 contains field 47B. MT 700 does not contain fields 45A, 46A or 47A; the first MT 711 contains field 45B; the second MT 701 contains field 46B; the third MT 711 contains field 47B.Some examples of invalid combinations: MT 700 contains field 47A; the first MT 711 contains fields 45B and 46B; the second MT 701 contains field 47B (INVALID because there are two fields 47a). MT 700 contains field 47A; the first MT 711 contains field 47B; the second MT 701 contains fields 45B, 46B and 47B (INVALID because there are three fields 47a).Where applicable, for credits subject to eucp: If presentation of both electronic records and paper documents is allowed, the place for presentation of the electronic records (that is, the electronic address to which presentation must be made) as well as the place for presentation of the paper documents must be specified in this field. If presentation of only electronic records is allowed, the place for presentation of the electronic records (that is, the electronic address to which presentation must be made) must be specified in this field. If not already part of the original documentary credit, the advising bank, that is, the receiver of the message, must provide the beneficiary or another advising bank with the electronic address of the issuing bank. Furthermore, the advising bank must provide the beneficiary or another advising bank with the electronic address where they wish the electronic records to be presented. In case the electronic address contains the "@" sign, the latter should be replaced by "(AT)". In case the electronic address

26 contains the "_", the latter should be replaced by "(UNDERSCORE)". Examples: should be shown as EUCP(AT)DRESDNER-BANK.COM should be shown as EUCP(UNDERSCORE)RECS(AT)DRESDNER-BANK.COMThe specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

27 MT 720 Transfer of a Documentary Credit O 45A N/A Description of Goods and/or Services Description of Goods and/or Services USAGE RULESTerms such as FOB, CIF, etc. should be specified in this field.to cater for lengthy documentary credits, up to three MT 721s may be sent in addition to an MT 720. However, field 45a may appear in only one message, that is, either in the MT 720 or in one MT 721.This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the description of goods and/or services.some examples of valid combinations: MT 720 contains field 45A, 46A, and 47A. MT 720 contains field 45A; the subsequent MT 721 contains fields 46B and 47B. MT 720 contains field 46A; the subsequent MT 721 contains fields 45B and 47B. MT 720 contains field 46A; the first MT 721 contains field 45B; the second MT 721 contains field 47B. MT 720 does not contain fields 45A, 46A or 47A; the first MT 721 contains field 45B; the second MT 721 contains field 46B; the third MT 721 contains field 47B.Some examples of invalid combinations: MT 720 contains field 45A; the first MT 721 contains fields 45B and 46B; the second MT 721 contains field 47B (INVALID because there are two fields 45a). MT 720 contains field 45A; the first MT 721 contains field 45B; the second MT 721 contains fields 45B, 46B and 47B (INVALID because there are three fields 45a).The specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

28 MT 720 Transfer of a Documentary Credit O 46A N/A Documents Required Documents Required USAGE RULESWhen the ultimate date of issue of a transport document is specified, it is to be specified with the relative document in this field.for credits subject to eucp, the format in which electronic records are to be presented must be specified in this field.to cater for lengthy documentary credits, up to three MT 721s may be sent in addition to an MT 720. However, field 46a may appear in only one message, that is, either in the MT 720 or in one MT 721.This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the documents required.some examples of valid combinations: MT 720 contains field 45A, 46A, and 47A. MT 720 contains field 45A; the subsequent MT 721 contains fields 46B and 47B. MT 720 contains field 46A; the subsequent MT 721 contains fields 45B and 47B. MT 720 contains field 46A; the first MT 721 contains field 45B; the second MT 721 contains field 47B. MT 720 does not contain fields 45A, 46A or 47A; the first MT 721 contains field 45B; the second MT 721 contains field 46B; the third MT 721 contains field 47B.Some examples of invalid combinations: MT 720 contains field 46A; the first MT 721 contains fields 45B and 46B; the second MT 721 contains field 47B (INVALID because there are two fields 46a). MT 720 contains field 46A; the first MT 721 contains field 46B; the second MT 721 contains fields 45B, 46B and 47B (INVALID because there are three fields 46a).The specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

29 MT 720 Transfer of a Documentary Credit O 47A N/A Additional Conditions Additional Conditions USAGE RULESIf presentation of only electronic records is allowed, the place for presentation of the electronic records (that is, the electronic address to which presentation must be made) must be specified in this field.if not already part of the original documentary credit, the advising bank, that is, the receiver of the message, must provide the beneficiary or another advising bank with the electronic address of the issuing bank. Furthermore, the advising bank must provide the beneficiary or another advising bank with the electronic address where they wish the electronic records to be presented.in case the documentary credit is subject to any rules for which no code words are provided in field 40E, further details should be specified in this field.to cater for lengthy documentary credits, up to three MT 721s may be sent in addition to an MT 720. However, field 47a may appear in only one message, that is, either in the MT 720 or in one MT 721. This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the additional conditions.some examples of valid combinations: MT 720 contains field 45A, 46A, and 47A. MT 720 contains field 47A; the subsequent MT 721 contains fields 45B and 46B. MT 720 contains field 46A; the subsequent MT 721 contains fields 45B and 47B. MT 720 contains field 46A; the first MT 721 contains field 45B; the second MT 721 contains field 47B. MT 720 does not contain fields 45A, 46A or 47A; the first MT 721 contains field 45B; the second MT 721 contains field 46B; the third MT 721 contains field 47B.Some examples of invalid combinations: MT 720 contains field 47A; the first MT 721 contains fields 45B and 46B; the second MT 721 contains field 47B (INVALID because there are two fields 47a). MT 720 contains field 47A; the first MT 721 contains field 47B; the second MT 721 contains fields 45B, 46B and 47B (INVALID because there are three fields 47a).Where applicable, for credits subject to eucp: If presentation of both electronic records and paper documents is allowed, the place for presentation of the electronic records (that is, the electronic address to which presentation must be made) as well as the place for presentation of the paper documents must be specified in this field. If presentation of only electronic records is allowed, the place for presentation of the electronic records (that is, the electronic

30 address to which presentation must be made) must be specified in this field. If not already part of the original documentary credit, the advising bank, that is, the receiver of the message, must provide the beneficiary or another advising bank with the electronic address of the issuing bank. Furthermore, the advising bank must provide the beneficiary or another advising bank with the electronic address where they wish the electronic records to be presented. In case the electronic address contains the sign, the latter should be replaced by "(AT)". In case the electronic address contains the "_", the latter should be replaced by "(UNDERSCORE)". Examples: BANK.COM should be shown as EUCP(AT)DRESDNER- BANK.COM should be shown as EUCP(UNDERSCORE)RECS(AT)DRESDNER- BANK.COMThe specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

31 MT 721 Transfer of a Documentary Credit O 45A 45B N/A Description of Goods and/or Services Description of Goods and/or Services USAGE RULESTerms such as FOB, CIF, etc. should be specified in this field.to cater for lengthy documentary credits, up to three MT 721s may be sent in addition to an MT 720. However, field 45a may appear in only one message, that is, either in the MT 720 or in one MT 721.This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the description of goods and/or services.some examples of valid combinations: MT 720 contains field 45A; the subsequent MT 721 contains fields 46B and 47B. MT 720 contains field 46A; the subsequent MT 721 contains fields 45B and 47B. MT 720 contains field 46A; the first MT 721 contains field 45B; the second MT 721 contains field 47B. MT 720 does not contain fields 45A, 46A or 47A; the first MT 721 contains field 45B; the second MT 721 contains field 46B; the third MT 721 contains field 47B.Some examples of invalid combinations: MT 720 contains field 45A; the first MT 721 contains fields 45B and 46B; the second MT 721 contains field 47B (INVALID because there are two fields 45a). MT 720 contains field 45A; the first MT 721 contains field 45B; the second MT 721 contains fields 45B, 46B and 47B (INVALID because there are three fields 45a).The specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

32 MT 721 Transfer of a Documentary Credit O 46A 46B N/A Documents Required Documents Required USAGE RULESWhen the ultimate date of issue of a transport document is specified, it is to be specified with the relative document in this field.for credits subject to eucp, the format in which electronic records are to be presented must be specified in this field.to cater for lengthy documentary credits, up to three MT 721s may be sent in addition to an MT 720. However, field 46a may appear in only one message, that is, either in the MT 720 or in one MT 721.This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the documents required.some examples of valid combinations: MT 720 contains field 45A; the subsequent MT 721 contains fields 46B and 47B. MT 720 contains field 46A; the subsequent MT 721 contains fields 45B and 47B. MT 720 contains field 46A; the first MT 721 contains field 45B; the second MT 721 contains field 47B. MT 720 does not contain fields 45A, 46A or 47A; the first MT 721 contains field 45B; the second MT 721 contains field 46B; the third MT 721 contains field 47B.Some examples of invalid combinations: MT 720 contains field 46A; the first MT 721 contains fields 45B and 46B; the second MT 721 contains field 47B (INVALID because there are two fields 46a). MT 720 contains field 46A; the first MT 721 contains field 46B; the second MT 721 contains fields 45B, 46B and 47B (INVALID because there are three fields 46a).The specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

33 MT 721 Transfer of a Documentary Credit O 47A 47B N/A Additional Conditions Additional Conditions USAGE RULESIn case the documentary credit is subject to any rules for which no code words are provided in field 40E of the related MT 720, further details should be specified in this field.to cater for lengthy documentary credits, up to three MT 721s may be sent in addition to an MT 720. However, field 47a may appear in only one message, that is, either in the MT 720 or in one MT 721. This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the additional conditions.some examples of valid combinations: MT 720 contains field 47A; the subsequent MT 721 contains fields 45B and 46B. MT 720 contains field 46A; the subsequent MT 721 contains fields 45B and 47B. MT 720 contains field 46A; the first MT 721 contains field 45B; the second MT 721 contains field 47B. MT 720 does not contain fields 45A, 46A or 47A; the first MT 721 contains field 45B; the second MT 721 contains field 46B; the third MT 721 contains field 47B.Some examples of invalid combinations: MT 720 contains field 47A; the first MT 721 contains fields 45B and 46B; the second MT 721 contains field 47B (INVALID because there are two fields 47a). MT 720 contains field 47A; the first MT 721 contains field 47B; the second MT 721 contains fields 45B, 46B and 47B (INVALID because there are three fields 47a).Where applicable, for credits subject to eucp: If presentation of both electronic records and paper documents is allowed, the place for presentation of the electronic records (that is, the electronic address to which presentation must be made) as well as the place for presentation of the paper documents must be specified in this field. If presentation of only electronic records is allowed, the place for presentation of the electronic records (that is, the electronic address to which presentation must be made) must be specified in this field. If not already part of the original documentary credit, the advising bank, that is, the receiver of the message, must provide the beneficiary or another advising bank with the electronic address of the issuing bank. Furthermore, the advising bank must provide the beneficiary or another advising bank with the electronic address where they wish the electronic records to be presented. In case the electronic address contains the "@" sign, the latter should be replaced by "(AT)". In case the electronic address contains the "_", the latter should be replaced

34 by "(UNDERSCORE)". Examples: BANK.COM should be shown as EUCP(AT)DRESDNER- BANK.COM should be shown as EUCP(UNDERSCORE)RECS(AT)DRESDNER- BANK.COMThe specification of each new item should begin on a new line, preceded by the sign '+' or numbered using +1), +2), etc.

35 MT 700 Issue of a Format SpecificationsStatus Tag Field Name Content/Options No.M 27 Sequence of Total 1!n/1!n See specification 1M 40A Form of 24x See specification 2M 20 Number 16x See specification 3O 23 Reference to Pre-Advice 16x See specification 4M O 31C Date of Issue 6!n See specification 5M 40E Applicable Rules 30x[/35x] See specification 6M 31D Date and Place of Expiry 6!n29x See specification 7O 51a Applicant Bank A or D See specification 8M 50 Applicant 4*35x See specification 9M 59 Beneficiary [/34x]4*35x See specification 10M 32B Currency Code, Amount 3!a15d See specification 11O 39A Percentage Credit Amount Tolerance 2n/2n See specification 12O 39B Maximum Credit Amount 13x See specification 13O 39C Additional Amounts Covered 4*35x See specification 13 14M 41a Available With... By... A or D See specification 14 15O 42C Drafts at... 3*35x See specification 15 16O 42a Drawee A or D See specification 16 17O 42M Mixed Payment Details 4*35x See specification 17 18O 42P Negotiation/Deferred Deferred Payment Details 4*35x See specification 18 19O 43P Partial Shipments 11x 35x See specification 19 20O 43T Transhipment Transshipment 11x 35x See specification 20 21O 44A Place of Taking in Charge/Dispatch from.../place of Receipt 65x See specification 21 22O 44E Port of Loading/Airport of Departure 65x See specification 22 23O 44F Port of Discharge/Airport of Destination 65x See specification 23 24O 44B Place of Final Destination/For Transportation to.../place of Delivery 65x See specification 24 25O 44C Latest Date of Shipment 6!n See specification 25 26O 44D Shipment Period 6*65x See specification 26 27O 45A Description of Goods and/or Services 100*65z 100*65x See specification 27 28O 46A Documents Required 100*65z 100*65x See specification 28 29O 47A Additional Conditions 100*65z 100*65x See specification 29 30O 49G Special Payment Conditions for Beneficiary 100*65z See specification 30O 49H Special Payment Conditions for Receiving Bank 100*65z See specification 31O 71D 71B Charges 6*35z 6*35x See specification 32 31O 48 Period for Presentation in Days 3n[/35x] 4*35x See specification 33 32M 49 Confirmation Instructions 7!x See specification 34 33O 58a Requested Confirmation Party A or D See specification 35O 53a